SINGAPORE - Capitaland is set to broaden its master planning and urban design capabilities in China through new strategic partnerships in China's Zhejiang province.
The company on Thursday (April 26) announced it has signed two memorandums of understanding to explore developing and managing large-scale business park and township projects in Ningbo and Jiaxing, two fast-growing cities in the eastern province, through its wholly owned subsidiary CapitaLand China.
The MOUs were signed at the 13th Singapore-Zhejiang Economic and Trade Council meeting in Zhoushan on Thursday morning, and were witnessed by Singapore's Senior Minister of State for Trade and Industry Sim Ann and Zhejiang's Vice-Governor Zhu Congjiu. Zhoushan is a new pilot free trade zone set up last year.
Under the MOU with Ningbo's Haishu District Government, CapitaLand will look into investing in a business park comprising research and development facilities, offices, residences and civic and community facilities that support Ningbo's push to attract higher-tech manufacturing industries.
In its MOU with Zhejiang Communications Investment Group, CapitaLand will explore investing in a new-generation township comprising integrated developments, offices, residences and serviced residences built around Jiaxing's high-speed rail (HSR) station in Yuxin area.
Mr Lim Ming Yan, CapitaLand president and group CEO, said CapitaLand is in a strong position to continue playing an active role in China's next phase of urbanisation.
"Our extensive track record in integrated developments has honed our expertise in making the most efficient use of limited land supply to create vibrant communities with an optimal mix of quality live-work-place spaces that are seamlessly integrated and interconnected. As one of Asia's largest real estate fund managers, our experience in capital management is also a key success factor for mega projects with a longer development horizon," he said.
CapitaLand said it is the largest foreign real estate developer in China with a total gross floor area (GFA) of 22 million sq m and business presence across 41 cities. To date, the group owns and manages 23 integrated developments with over 6.2 million sq m of GFA in China's first- and second-tier cities. In addition, CapitaLand's five township projects in Chengdu, Shenyang, Wuxi and Xi'an span a combined GFA of about 6 million sq m.
Mr Lucas Loh, CEO of CapitaLand China, noted that the company was one of the earliest foreign investors in Zhejiang and two of its signature Raffles City developments are located in its cities of Hangzhou and Ningbo. In Ningbo, it has a second integrated development in the city's Jiangbei District, which is currently under construction.
"We continue to eye expansion opportunities in Zhejiang as the region's economic prospects are set to receive a boost under China's Made in China 2025 blueprint, which aims to transform the country's manufacturing industry into a smart, high-quality sector," he said.
